The Charlottesville, Virginia, company said in a statement that the funds will be used for the initial Phase 3 trial of AD04 for the treatment of alcohol use disorder.
Shares of Adial climbed 0.3% to $3.70 in Tuesday’s after-hours trading.
Maxim Group LLC acted as the book-running manager while Joseph Gunnar & Co. acted as a co-manager in connection with the offering.
Adial closed a public offering of 2,845,000 shares of its common stock and warrants to purchase up to 2,133,750 shares of its common stock. That included 370,000 shares of common stock and warrants to purchase up to 277,500 shares of common stock issued upon the partial exercise of the underwriters’ option to buy additional securities to cover overallotments.
Each share of common stock was sold together with a warrant to purchase 0.75 of one share of common stock at a combined price to the public of $3.25.The warrants are immediately exercisable at a price of $4.0625 per share of common stock, subject to adjustment, and will expire five years from the date of issuance
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